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Tax School Blog

Welcome to the U of I Tax School blog – where you’ll find current, relevant, and actionable information for your practice (and have some fun doing it).

The U of I Tax School blog is written by tax professionals for tax professionals.

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Tax Consequences of the Family Home for the Surviving Spouse

Tax Consequences of the Family Home for the Surviving Spouse

Tax discussions with clients who have lost spouses can be challenging, but necessary. There are tax considerations the surviving spouse needs to consider, especially if they owned a home with the decedent. In this post, we\’ll discuss the tax consequences of the family home for the surviving spouse, including the implications of selling the home and the step-up in basis for inherited assets.
One Big Beautiful Bill Implements Significant Tax Package

One Big Beautiful Bill Implements Significant Tax Package

Explore key provisions of the newly signed “One Big Beautiful Bill,” including permanent tax rate extensions, expanded SALT deductions, new “Trump Accounts,” and more. A must-read for tax professionals navigating 2025 changes.
Tax Rules for Rental Properties and Vacation Homes

Tax Rules for Rental Properties and Vacation Homes

Learn the key tax rules for rental properties and vacation homes, including income reporting, deductible expenses, vacation home use limits, passive activity loss rules, and best practices for client recordkeeping.
Can Summer Camp Expenses Qualify for a Tax Deduction?

Can Summer Camp Expenses Qualify for a Tax Deduction?

Summer camps aren’t just for fun—they may offer tax savings. Learn how certain expenses can qualify for the Child and Dependent Care Credit and what rules apply.
Medicare Premium Planning: How MAGI Impacts Your Clients’ Costs

Medicare Premium Planning: How MAGI Impacts Your Clients’ Costs

As your tax clients approach age 65, their income history can impact Medicare premiums. Learn how proactive planning and understanding IRMAA can help minimize future surcharges and manage healthcare costs.
Summer Jobs and Taxes: Helping Teens Navigate IRS Rules

Summer Jobs and Taxes: Helping Teens Navigate IRS Rules

Discover what teens and their families need to know about summer jobs and taxes. This guide explains IRS rules for teen workers, including income thresholds, tax withholding, filing requirements, and tips to avoid surprises at tax time.